It's official: the construction of Toronto's $500 million, five star, 57 storey, landmark that will redefine luxury living and city skyline, is underway with a 2010 completion date - 

Located at 325 Bay Street, in the heart of the city's financial and business district, the landmark will set a new standard for luxury and elegance in Toronto.

Donald Trump participated in a "gold shovel" sod-turning ceremony with building developers Alex Shnaider, Chairman of Talon International Development Inc., and Val Levitan, President and CEO of Talon and Toronto City Councilor Pam McConnell.

Upon completion, Trump International Hotel & Tower will be the tallest and most luxurious residential building in Canada. The first Trump property to be situated in Canada will feature 118 luxury residences and 261 hotel guest rooms and suites.

Although pre-construction inventory is entirely sold out, a limited release of suites will be available later this fall and are expected to be priced from the $900,000s for hotel condominiums and $1.6-million for residential condominiums. (All figures CAD).

"I'm thrilled to be here today to celebrate the beginning of construction for this fantastic Trump International Hotel & Tower," said Donald Trump. "When we open in 2010, visitors and residents will experience a unique, five-star property that will be unlike anything else in Canada and among the most magnificent luxury developments in the world."

"Trump International Hotel & Tower is an outstanding addition in the heart of our city," said Toronto Councilor Pam McConnell. "It will be a remarkable, invigorating addition to our central downtown core and a boost to our economy. We congratulate Toronto's Talon International Development Inc. for this achievement and we welcome the Trump Organization to Toronto."

"This is a proud day for Talon International Development," said Chairman Alex Shnaider. "Our vision is on its way to becoming reality and our dream of a one-of-a-kind development for Toronto will soon be realized for the benefit of our residents, guests and the city."

"Everything about this property will redefine luxury," said Val Levitan, Talon's President and CEO. "From the elegant design of the hotel rooms and residences, to the unmatched quality of services and amenities that will be available around the clock, no detail will be overlooked."

Residential floors, on levels 33-53, will be restricted to four-to-six suites per floor, with many having direct, secure elevator access. Eleven- to 13-ft. floor-to-ceiling windows will offer spectacular views of the city's skyline. The top four floors will house the 4,250- to 7,700- sq. ft. penthouse residences, featuring great rooms, libraries, galleries and spectacular entry foyers and terraces. Many of the 118 residences will have separate service entrances to ensure seamless hosting and entertaining.

The hotel's 261 rooms and suites will occupy the lower portion on the building, on levels 11-29. Deluxe studio, one-bedroom and two-bedroom suites, ranging from 570 to 1,660 sq. ft., will offer guests the largest accommodations in the city.

The top floor of the hotel, Level 29, will offer five exclusive suites with additional services and amenities, including the 4,000-sq.ft. Presidential Expo Suite, which will feature a state-of-the-art media room, as well as access to a boardroom and lounge for hosting meetings and social gatherings.

The commercial areas of the building will serve both hotel guests and residents. A high-tech business centre will cover an entire floor. A sushi and martini bar will welcome guests as they enter the first floor lobby. A two-level spa and fitness center on the 30th and 31st floors will help smooth away stress while catering to the most demanding fitness regimens.

An exclusive dining establishment on the 30th floor will offer gourmet food and wine as well as breathtaking views of Lake Ontario and the CN Tower. A private dining room will also be available.

Residents will have 24-hour access to two chauffeur-driven S-Class Mercedes sedans (or comparable luxury vehicles). Parking will be accommodated between levels two and seven of the building.

The Trump International Hotel & Tower will be an integral part of Toronto's PATH system, the 27-kilometer underground shopping, dining and entertainment concourse connecting downtown Toronto.